Vision 2030

mercoledì 8 agosto 2018

Positive developments in the 2018 Q2 Budget Performance Report

The Ministry of Finance has published the second quarter budget performance report of the year 2018, which is available in full on the ministry’s website. The report includes many indicators and key data that reflects the Government's commitment to transparency and fiscal disclosure which strengthens the governance and management of the public finances and progress in achieving the objectives of the fiscal balance program.

The fiscal indicators of the 2018 Q2 budget performance report are as follows:

42% of H1 expenditure was on sectors of social importance such as education, health, social development and municipal services.

Commenting on the Q2 fiscal results, HE Mohammed Al-Jadaan Minister of Finance said:” The fiscal figures announced for the 2018 Q2 reflect the improvement in the performance of public finances, which will lead us to continue our reform plans aimed at economic diversification and achieving fiscal sustainability. " HE assured that the Minis-try is working side by side with other government agencies through continuous coordination of efforts to harmonize policies and measures in support of the Kingdom's macroeconomic stimulus and to achieve the objectives of the fiscal balance program HE Mohammed Al-Jadaan pointed that the improvement in the fiscal performance was also accompanied by an improvement in economic performance. Real GDP has grown by 1.2% in the first quarter of this year and the non-oil sector has grown by 1.6%. The Initial economic indicators show a continued improvement in the economic activity in the second quarter of this year especially in the area of private consumption, evidenced by an increase in cash sales and cash withdrawals during the period. Private investment (PMI) performance has also seen good progress. In addition, private credit in the second quarter registered a positive growth for the first time since the first quarter of 2017. These indicators provide a positive view for the continued improvement in GDP performance for the second quarter supported by improved levels of government investment and operating expenditure as well as the recovery of world oil markets.